Ford and Rivian scrap joint EV venture plans

Ford

Ford Motor Co and Rivian Automotive Inc have dropped plans to jointly develop an electric vehicle, Ford confirmed on Friday.

A spokesperson said that “both sides have agreed not to pursue any kind of joint vehicle development or platform sharing.”

Ford owns about 12% of California-based EV maker Rivian.

Rivian went public on Nov. 10 and already is worth 1-1/2 times more than the 118-year-old Ford.

Ford Chief Executive Jim Farley revealed the break in a story published Friday by Automotive News. The proposed vehicle was not identified.

Ford earlier scrapped a plan to build a new Lincoln from Rivian’s EV chassis and hardware.

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